Latest News | CleanMax Gets USD 27-mn Financing from HSBC for Solar Projects in UAE

New Delhi, Jan 22 (PTI) Home-grown renewable energy company CleanMax on Wednesday said it will raise USD 27 million from HSBC to develop and finance its solar projects in the United Arab Emirates (UAE).

The facility will cover 92 on-site solar assets located at industrial facilities, malls, schools and universities in the UAE, CleanMax said in a statement.

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The company said it will obtain AED 99 million (USD 27 million) of long-term credit facility from HSBC to develop and finance its on-site solar portfolio in the UAE. The credit facility also includes a provision for need-based additional funding of USD 10 million.

The total capacity of these projects would be 69 megawatt peak (MWp), it said.

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"This financing...enhances our ability to offer competitive energy tariffs to C&I clients and reflects our commitment to provide tailor made green energy solutions to help corporates in driving their sustainability goals. The transition to a net-zero...requires a coalition of renewable energy providers, financiers and industries working together toward a common goal," the company's MD Kuldeep Jain said.

Mumbai-based CleanMax is a leading renewable energy company in the commercial and industrial sector in Asia with 2 GW of operating renewable assets. The company also has presence in the Middle East and South-East Asia.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)